12 U.S.C. § 4146 - U.S. Code - Unannotated Title 12. Banks and Banking § 4146. Definitions

(A) has been classified by the Internal Revenue Service as an exempt organization under section 501(c)(3) of Title 26;

(B) has been in existence for at least 2 years prior to the date of the grant application;

(C) has a record of service to low- and moderate-income people in the community in which the project is located;

(D) is organized at the neighborhood, city, county or multi-county level; and

(E) in the case of a corporation acquiring eligible housing under subchapter I of this chapter, agrees to form a purchaser entity that conforms to the definition of a community-based nonprofit organization under such subchapter and agrees to use its best efforts to secure majority tenant consent to the acquisition of the project for which grant assistance is requested; and